Heads of Terms Signed
July 25 2001 - 12:20PM
UK Regulatory
RNS Number:4900H
10 Group PLC
25 July 2001
10 Leisure plc, a subsidiary of 10 Group plc, is pleased to announce that it
has signed heads of terms with Donato Food Corporation (www.donatogroup.com)
of Toronto, Canada, for the master licence for Mrs Vanelli's Pizza & Pasta
outlets and the Teriyaki Experience, sushi and teppanyaki-style food outlets.
10 Group plc has agreed to pay a total consideration of $600,000 (US) with an
initial payment of $100,000 in cash and $120,000 in 10 Group shares. A
deferred payment is to be paid after two years, subject to satisfactory
performance of the opened outlets, of $100,000 in cash and $280,000 in 10
Group shares - subject to 10 Group plc being satisfied with the performance of
the brands.
The master licences are for the territories of the United Kingdom, Republic of
Ireland, Australia and New Zealand.
Under the terms of the licences 10 Leisure is permitted to establish its own
outlets or grant franchises for individual outlets or part or all of the
territories covered by the licences.
Donato Food Corporation was founded in 1981 and has 162 outlets in Canada and
internationally.
Andy Moore, chairman of 10 Group plc, said: "This is our first step in our
efforts to establish the group in the leisure sector. We expect to be able to
make further announcements in the near future."
Inquiries
Andy Moore - Chairman,
10 Group plc,
10 Clement Street,
Birmingham B1 2SL
Tel: 0121 233 1122
See also www.10group.co.uk
OR
Andy Skinner,
Marketing Management
Tel: 01789 488888
Mobile: 07990 978257
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